Category Archives: Mortgage Information

Bank Officials Cited in Churn of Foreclosures

Posted on March 16, 2012 | Leave a comment

Managers at major banks ignored widespread errors in the foreclosure process, in some cases instructing employees to adopt make-believe titles and speed documents through the system despite internal objections, according to a wide-ranging review by federal investigators.

The banks have largely focused the blame for mistakes on low-level employees, attributing many of the problems to the surge in the volume of foreclosures after the housing market collapsed and the economy weakened in 2008.

But the report concludes that managers were aware of the problems and did nothing to correct them. The shortcuts were directed by managers in some cases, according to the report, which is by the inspector general of the Department of Housing and Urban Development.

read more at: http://www.nytimes.com/2012/03/13/business/federal-report-cites-bank-officials-in-foreclosure-surge.html?_r=1&hp=&adxnnl=1&adxnnlx=1331650844-rGcfttpBgIZ+KC3OSqXi8Q

Disclaimer: for information and entertainment purposes only

Leave a comment

Posted in Mortgage Information

Tagged , ,

ALERT – New Housing Scam Emerges in California

Posted on March 15, 2012 | Leave a comment

If you’re applying for the $2 billion state-run program that helps struggling borrowers, remember, the process should be free from start to finish.

Contact the appraisers at www.socalappraisalserv.com to determine the value of your property before beginning any negotiations.

State officials have noticed an emerging scam: Callers say they will help homeowners apply for Keep Your Home California benefits for fees of up to $900. The calls are happening statewide. Applying for the program is free.

California, one of the hardest-hit states in the U.S., launched Keep Your Home California last year to help folks who’ve lost their jobs, seen their companies move away or watched their home equities plummet. It’s a bid let homeowners catch up on mortgage payments, help them relocate after a short sale and cut their principal, by far the most-controversial part of the program. So far, the program has helped about 12,000 borrowers, reflecting more than $200 million in aid.

Officials with Keep Your Home California, a program run by the California Housing Finance Agency, encourage Californians to call (888) 954-5337 instead of taking phone calls from solicitors about the program. You can also visit keepyourhomecalifornia.org.

Reprinted from SD Union Tribune

Disclaimer: for information and entertainment purposes only

Leave a comment

Posted in Mortgage Information

Tagged ,

A Hidden Morgage Fee is Set to Rise

Posted on March 14, 2012 | Leave a comment

INSIDE the interest rate quoted on your home mortgage lies a small hidden fee that has been charged by government-sponsored entities like Fannie Mae and Freddie Mac for more than three decades. It’s an add-on rate known as the guarantee fee.

An increase in the fee has been mandated by Congress to occur this spring, and other increases are likely later this year and next. When they happen, interest rates on single-family mortgages resold to Fannie Mae or Freddie Mac are likely to inch up as well.

“It’s going to be silently passed through” by lenders when it does increase, said Richard W. Grohmann, a real estate lawyer in Paramus, N.J.

The G-fee — as it is known — does not show up in borrowers’ mortgage documents or good-faith estimates, and it is little known outside the industry.

Read More at: http://www.nytimes.com/2012/03/04/realestate/mortgages-a-hidden-fee-is-set-to-rise.html?_r=1&ref=realestate

Disclaimer: for information and entertainment purposes only

Leave a comment

Posted in Mortgage Information

Tagged , ,